And unless inflation rages, rates won't climb much anyway, he says. "Once the stock market realizes this, it may even get to like higher rates."

Meanwhile, the Fed's stimulus isn't doing much to benefit Main Street, even as Fed Chair Janet Yellen has stated that this is its goal, says Ruchir Sharma, head of emerging markets and global macro at Morgan Stanley Investment Management.

The central bank's massive easing program is "boosting the wealth of the wealthy but doing nothing to reduce inequality," he writes in The Wall Street Journal.